New Delhi: The Gold and Silver prices rose on February 18, i.e., Wednesday on the Multi Commodity Exchange (MCX). Gold prices recorded a rise of about 1 per cent. Due to short covering, April futures gold jumped nearly Rs 2,000, or 1.2%, to reach Rs 1,53,303 per 10 grams. Meanwhile, March futures silver jumped by more than Rs 4,100, or around 2%, to Rs 2,33,673 per kilogram.
The dollar index appreciated 0.10% to 97.25. A stronger dollar usually puts pressure on gold prices because it makes dollar-denominated gold more expensive for foreign buyers. On February 18, the price of 24-carat gold on the bullion website went up by Rs 1,060, trading at Rs 153,200 per 10 grams. Meanwhile, Silver jumped by Rs 3,580 to Rs 234,810 per kilogram.
What expert said on Gold and Silver prices
Commodity expert Ajay Suresh Kedia, said Gold and silver edged higher on dip-buying after dropping over 2% in the previous session amid progress in talks between United States and Iran.
Thin trading during Lunar New Year holidays across Asia also weighed on market activity. The dollar remained steady as investors monitored geopolitical risks and awaited minutes from the January meeting of the Federal Reserve, Kedia said. Austan Goolsbee said the Fed could deliver several rate cuts this year if inflation moves toward its 2% target. Iran’s Foreign Minister Abbas Araqchi noted that while guiding principles were agreed, a deal is not imminent. Meanwhile, Ukraine-Russia peace talks in Geneva progressed under U.S. mediation.
Expressing his views on the future of Gold and Silver prices, Kedia said Gold is holding key support near $4,880. A sustained move above this level could trigger a rebound toward the $4,940–$4,980 zone. Immediate support is seen at $4,840, and a break below this level may invite renewed selling pressure.
On the precious white metal, the expert said Silver has bounced from the crucial $70 support level. A sustained move above $72 would strengthen bullish momentum and could retest the $76.80–$78.20 range. On the downside, a break below $70 may open the door toward the next support at $68.20.
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